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General country information
bordered to the north and east by Spain
and to the west and south by the Atlantic
Ocean, is a full member of the EU. The
country is mountainous north of the Tagus
River, with plains to the south. Offshore
its territories include Madeira, and the
are hot and dry, winters are relatively wet with most rain falling
in November and December.
Portugal has a diversified and increasingly
service based economy which is now substantially
Current projections for the Portuguese economy point to a contraction of economic activity of 2.3 per
cent in 2013 (-3.2 per cent in 2012). This contraction refl ects a sharp decline in domestic demand, against a background of lower permanent income prospects. Exports are expected to decelerate in
2013, although maintaining a positive growth, despite the deteriorating outlook for external demand.
The year will be marked by very low inflationary pressures, both internal and external, which will translate
into a consumer price growth slightly below 1 per cent. Economic activity is thus projected to grow
by 1.1 per cent in 2014. Similarly to 2013, inflationary pressures are expected to remain low and the
inflation rate to stand at low levels.
Portugal has a land registry system that
records ownership of property and any encumbrances
As in Italy, property transactions usually
entail a preliminary (promissory) contract
stage at which the buyer pays a deposit.
Completion has to be formalised before a
notary. The notary will have checked that
the documentation is in order and will provide
a copy of the entry in his official books
as proof of purchase.
is at this stage that settlement of the
purchase price, legal
fees and transfer taxes
will be required. Transfer taxes are based
on the value of the property and have a starting
threshold of about £56,000. Thereafter
they range from 2 per cent to 8 per cent
of value, the higher figure applying to properties
valued in excess of about £350,000.
agents fees are usually paid by the seller
but this means estate agents, who
are state licensed, work on behalf od the
seller rather than the buyer.
used to be that buying property through
a company brought capital
gains tax and inheritance
tax benefits, but these rules are being changed
and in some instances buying through offshore
companies will in future be detrimental to
investors’ tax positions.
Income tax is also be levied on properties
owned by non-Portuguese based on the value
of the property whether or not it is rented
Country information - Portugal
902,345 sq km
age of population:
||total: 37.9 years
male: 35.8 years
female: 40 years
cool and rainy in north, warmer
and drier in south